SEB Q3 Up Thanks to Lower LLPs, However Revenues Down QoQ
Skandinaviska Enskilda Banken AB (SEB or the Bank) reported net income of SEK 4,766 million in Q3 2020, up 36% Quarter-on-Quarter (QoQ) and almost flat Year-on-Year (YoY). The increase has been mainly driven by lower loan loss provisions (LLPs) in Q3 2020 which more than offset decreasing revenues QoQ. LLPs continued to weigh negatively on the Bank's bottom line profitability year-to-date as net profit in 9M 2020 declined by 26% compared to 9M 2019. However, on an underlying basis (excluding the SEK 1 billion fine imposed by the Swedish FSA in June 2020 over anti-money-laundering issues in the Baltics), SEB reported an ROE of 9.7% in 9M 2020, lower than 13.2% in 9M 2019 but still above the European average.
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